Get instant mini cash loan in india Snneha Lukka october 9, 2019
What is Mini Cash Loan?
If you still encounter that end of the month cash crunch every now and then (despite your best efforts to scrimp and save), you’ll be relieved to know that taking a mini cash loan online can help get you out of your stressful situation. Borrowers can avail a mini cash loan online for as little as Rs. 5,000-20,000 only. These mini loans in minutes in India are best suited for one’s urgent needs, and not ‘wants’. Avoid using a mini cash loan for discretionary spending such as shopping, as they have high interest rates; therefore it would not be prudent to utilize the mini cash loan instant in such a manner. If you’re in a cash crunch and desire to spend on an impromptu purchase or discretionary expenses (entertainment, dining out, shopping, etc.), it’s better to save several months’ salary as a backup to spend on such occasions. However, you can use the mini cash loan as per your situational needs.
How long does it take to get Mini Cash Loan Online?
People can take mini loans in minutes online with quick approval and disbursal. If you have all the required documents on hand, you can get a mini cash loan in as little as 2 days from approval.
Features of Mini Cash Loan
Essentially, a mini cash loan is a small cash loan, as it is a small amount and availed over a short repayment tenure of up to 6 months. A CIBIL score of at least 630+ is preferred in order to qualify for the mini cash loan. Below are some of the main features of taking a mini cash loan: 1. Quick approval: Borrowers who apply for a mini cash loan can get instant approval, within 24 hours. 2. Fast disbursal: Once approved, mini loan can be disbursed to your bank account in just 48 hours or less. 3. Digital procedure: Taking a mini cash loan in minutes in India simply by applying online or downloading our app. 4. Minimal documentation: Another feature of mini cash loans is that only a few commonly available documents are required for the application process.
Documents Required for Mini Cash Loans
Below are the main types of documents required for mini cash loans: ● ID Proof (Passport, PAN card, Driver’s License, or Voter ID card) ● Address Proof (Aadhaar card, Passport, Utility Bill, or Ration card) ● Recent Passport-Sized Photographs/Selfie photo ● 3 Months Salary Slips ● 6 Months Bank Statement
1. How long does it take to apply for a mini cash loan at Upwards? The application process is streamlined to take not take more than 15-20 minutes to fill out. It can take even less time if you keep all the required documents on hand while filling out the application. 2. Are there any fees to apply? No, there are no fees to be paid when applying for your loan. 3. What is the rate of interest for mini cash loan? The interest rate varies between 18% to 32%, depending on your CIBIL score. 4. Are there are other fees for mini cash loan? There is a processing fee of 1.5%-2% that is levied on the principal loan amount. The minimum processing charge is Rs. 500. Therefore, if you avail a loan of Rs. 30,000 at 18% interest for 12 months, your one time processing free will be Rs. 600 and monthly EMI will be Rs. 2750. 5. What if I do not have any of the required documents? The required documents are mandatory, without which you would not be eligible to apply. In case you don’t have bank statements, you can upload your updated passbook in its place. 6. What is the repayment tenure for mini cash loans? You can select a repayment tenure of 6 months to 3 years.